How To Buy A New Home In The UK
Buying a new home can be both exciting and stressful at the same time. It's an easy process if you know how, but if this is your first property purchase then it can seem like a daunting task. However, we will break the process down into a step by step guide to help you navigate through this maze. As long as you are prepared for what may come, the procedure becomes a little easier.
Cost of moving: Be aware of all your costs, they can creep in and you could end up paying more than what you were expecting. It's all those small things that seem like a bargain but can add up to £1000’s later.You also need to keep in mind how much legal/lender/moving fees you will have to pay as well. Have a look around at different lenders and solicitors and see where you can get a good price and service from. The best place to start is by asking for recommendations from friends and family. It's always a good idea to first see how much you can borrow before you move on to the next stage.
Hunting for your property: Once you have a good grasp of your finances, start looking for the property you want to move into. Have a read of our May article titled ‘Things to look out for when buying a property’ it will help you make a decision. Love them or hate them but estate agents have their role to play, they will have all the latest updates in the property market and what is happening in their areas. Look around for a good agent, one that you feel comfortable with, as this will be a very important relationship that will make the whole process easier or harder and longer.
Viewing: Once you have found a property that you are interested in, speak to the agent and arrange for the viewing. But before you get there, have your questions ready and know what you want from the property and the area. If after the viewing you like what you see, make an offer that you are comfortable with and don’t get into a price war with other potential buyers. Don’t get yourself into trouble by offering more than you can afford, have your upper limit and stick to it.
Offer accepted: Once both sides are happy with the offer and it's been agreed, the acting agents will send out the paperwork (memorandum of sale) to be looked at and completed. At this point solicitors will have also been instructed to do their part. They will be going through all the legal paperwork to make sure things are done correctly and that you understand what the process is and what is happening at each stage.
Mortgage: Go back to the company that agreed your mortgage in principle and start the ball rolling. Make sure you are happy with the arrangement/agreement of the mortgage and its terms and conditions. Complete the necessary paperwork so they can transfer the money when needed. It's around this time that the lender will also send out a valuer to your property to make sure it is worth the money you are asking for. This is also to make sure that they don't lose out by lending you the money.
Solicitors: This is where all the legal searches take place, solicitors talking to each other and exchanging contracts, information about the property and putting it in your name. Title deeds, land registry, boundaries etc will all be investigated and looked into as well any disputes or covenants attached to the property. Along with a whole host of other things to make sure you are aware of what comes with the property and any potential issues you may face later down the line.
Sign the contract: Once all the searches have been completed and you are happy with everything that has come back, the solicitor will present the contract to you explaining everything that is in it and what it is you're signing.Once these have been signed by both parties, then you are good to go.
Exchanging contracts: Once all paperwork has been signed for and both parties are happy, money will start to be exchanged and moved into the sellers account and the solicitors account. Once all this is done, the house is officially sold and you are the new owner.
Removals: If you're really organised you will have already got someone in mind to help you move, or you may even have a large van yourself and the help you need to move all your things into your new property. If not, call around for removals now and to get everything moved into your new home.
Tell Everyone: It’s easy to forget in all the excitement of moving about telling people and companies about your change of address. Friends and family are usually the first to know, but you also need to inform the utility companies that you are moving out and pay your final bills with them, phone companies, DVLA, bank, your doctor etc.
It is always a good idea to have someone who has the experience of moving as a guide to help you. No matter how prepared you are there will always be something that comes up and will throw a spanner in the works, if this happens you need to stay calm and work through this.
If you do need to talk to someone and are looking at moving we are always here to help you. If you have any questions please feel free to get in touch.